The rise in mortgage rates over the last couple of months has been “significant” and could hamper the housing recovery, economists note in Fannie Mae’s Economic Strategic Report for July. However, home sales so far have been little affected by the spikes, they say.

The 30-year fixed-rate mortgage has risen more than 110 basis points from the first week of May to the end of June. In early July, it started to ease somewhat. Still, the report says that despite the increases, rates are still near historical lows. It’s the sudden rise in such a short time that has been alarming, the economists note.

Mesa’s new housing activity more than doubled in the last three fiscal years.

During fiscal year 2011 – which began July 1, 2010, and ran until June, 30, 2011 – the city issued 414 new home permits. During the most recent fiscal year, which ended June 30, the city issued 982 permits.

In June alone, 146 permits were issued. That’s more than any single month in the last five fiscal years. Mesa beat out the national trend where new home construction dropped unexpectedly in June.